Key Insights
- Sui recently broke above the psychological $5 level, indicating heavy interest from traders.
- This trend is reflected in a break above its “no-trade” zone around $4.5, as highlighted by Ali Martinez.
- Sui is on its way to making a new all-time high around the $5.95 price level.
- The cryptocurrency appears to be one of the most promising altcoins on the market so far.
SUI crypto has reclaimed the $5 level after an impressive recovery lately.
The cryptocurrency has gained an impressive 10.93% in the past 24 hours, and the rally has pushed its market cap to $15.41 billion.
All of this has raised hopes of a new all-time high above the $5.95 price level.
Meanwhile, Ali Martinez, a prominent crypto analyst has something to say about a “no trade” zone that Sui must avoid.
Here’s everything to know about this cryptocurrency’s movement.
A Closer Look at SUI’s Recent Price Movement
SUI coin’s price chart reveals a strong recovery fueled by buyer interest.
The cryptocurrency appears to have bounced off a local support trendline around $4.5.
Interestingly, this price level showed a double-bottom reversal pattern, showing that investors are accumulating the cryptocurrency.
Interestingly, this “zone” coincides with the area between $4.86 and $4.61 as highlighted by renowned analyst Ali Martinez.
The analyst pointed out in a recent tweet that this price level was a “no-trade zone,” and a sustained close above would result in a 10% price increase—which has now materialized.
This renewed momentum and push above the “no-trade zone” has pushed the Sui coin price above the 61.80% Fibonacci retracement level at $5.
It should be noted that the $5 price level is a key psychological threshold and should lead to further upside.
What’s Next for SUI?
The recovery rally currently shows that the Sui crypto is on track to test the 78.60% Fibonacci level at $5.17.
The cryptocurrency is also expected to hit resistance around $5.35, beyond which it could explode further upwards to $5.95.
On the flip side, Sui could be in for some downside if bullish momentum weakens.
The cryptocurrency could retest the $5 psychological level, where a failure to hold this support could lead to further decline.
If Sui proves unable to hold $5, it could decline further and retest the $4.50 level or even slip into the “no-trade zone”.
Rising Open Interest Reflects Trader Optimism
The start of the year has been favorable so far for Sui, with traders showing strong interest in the cryptocurrency.
In particular, Open Interest (OI) for SUI has doubled in just nine days and climbed from $679 million to $1.26 billion.
This OI surge shows that fresh capital is surging into the cryptocurrency and traders are confident in its upward potential.
This rise in open interest shows that there is strong support for a SUI rally.
The rise in OI and the positive indications from technical analysis favors the buyers, Interestingly, the RSI on the daily chart has been consistent above the neutral line—indicating that the bulls are in control.
Going forward, Sui is now less than 10% below its ATH of $5.36.
The cryptocurrency has demonstrated resilience by bouncing off this “no-trade” zone, and if the conditions persist, SUI could be ready to break through a new ATH.